Ultimate Fighting Championship (UFC)

The UFC was founded in 1993 as the Ultimate Fighting Championship, staging violent fights that were banned or unregulated in many areas. The Fertitta brothers and Dana White, their high school friend, purchased the promotion for $2 million in 2001. With White as the promotional face and Lorenzo Fertitta as its chairman, the Las Vegas-based UFC was kept afloat by the Fertittas' casino fortune while the sport once labeled by John McCain as "human cockfighting" gradually gained widespread acceptance and popularity. The UFC has been sold for approximately $4 billion to a group led by Hollywood talent agency WME-IMG. UFC owners Lorenzo and Frank Fertitta have tapped out of the company after nearly 16 years, although they'll retain a minority interest. The Abu Dhabi government still owns 10 percent of the UFC as well. The New York Times first reported the completion of the long-rumored deal. It has financial backing from private equity firms Silver Lake Partners, which owns WME-IMG, and Kohlberg Kravis Roberts, along with the investment firm of billionaire Michael Dell, founder of Dell Computers. WME co-CEO Ari Emanuel also announced the sale early Monday in an internal company email that included SNTV — a joint venture between The Associated Press and IMG.